A revocable living trust is one of the most common and useful estate planning tools. It is a legal agreement for the benefit of you and your loved ones. The trust holds title to your assets and gives control to you, as the trustee. You have the absolute right to buy, sell, borrow or transfer your assets. Then, upon your death, the control of your trust will be transferred to the person you name as your successor, who will manage the assets in the manner you have designated.
Living trusts are designed to pass your estates to your loved ones with minimal complication and expense. Even if your only asset is your home, a living trust is usually recommended.
A special needs trust may be included as part of the living trust document, in the event there is a need to provide for the future needs of a loved one who is physically or otherwise disabled. This trust is designed to allow your disabled loved one to receive the portion of money and/or property which you have designated, without interfering with other benefits to which he or she may be entitled.